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Loan scams are on the rise where scammers ask you to pay a fee upfront for a loan, then keep the money.

When borrowing money be aware of scammers offering fake loans. Be especially suspicious if you’re asked to pay money upfront. Legitimate lenders will not ask you to do this.

Scammers are skilled at convincing people that their loan offer is real.

Find out the telltale signs of a loan scam and read ASIC’s media release.

Be wary of identity theft

Be wary of giving out your personal details, including copies of identification documents like passport or drivers licence, or bank account details. Overseas scammers may use this information to steal your identity. Read more about identity fraud.

Read More

 

https://www.moneysmart.gov.au/scams/banking-and-credit-card-scams/loan-scams

 

 

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